Wallbridge Mining has announced an operating profit of $3.48 million before royalty expense, amortization and depletion for the year ended December 31, 2015. Total revenue was $26 million.
The company’s Broken Hammer open pit mine, which ceased operations October 30th, produced 174,000 tonnes of ore containing 3.20 million pounds of contained copper, 8,500 ounces of palladium, 13,100 ounces of platinum, 2,800 ounces of gold and 20,400 ounces of silver during the year.
Wallbridge’s in-house geology and mining team is reviewing acquisition opportunities and is currently in advanced discussions regarding a number of prospective acquisitions of gold or nickel-copper-PGM projects in Ontario and Quebec.
On-going drilling on the Parkin properties in the Sudbury Basin is designed to establish a resource above 600 metres depth. The company is also evaluating the viability of initial mining of a bulk sample or starter pit. Lonmin Plc is funding the exploration on the Parkin properties and is in the first year of an option to earn 50 per cent of the project by funding $11 million of exploration over four years.
In 2015, Wallbridge's spin-out company, Miocene Resources Limited, merged with Carube Copper Corp., which has copper and gold exploration properties in Jamaica, including two joint ventures funded by OZ Minerals, as well as properties in British Columbia. Wallbridge owns 16.8 per cent of Carube.
